Like other artisan contractors, electricians are exposed to a unique set of risks in the course of doing business. An all-encompassing plan of insurance is crucial to provide total protection from liability, damage and worker’s comp claims.
A careful perusal of available electrical contractors’ insurance services offers a wide range of choices. Here are a few insurance options your company should strongly consider:
- Worker’s compensation: Laws vary state-by-state, but in many states any company with at least one employee is expected to carry worker’s comp insurance to protect against illness or injury suffered while on the job.
- General Liability: A crucial coverage for electricians, general liability insurance protects the company against damages and injuries caused by defective work, as well as legal defense and settlement costs arising from lawsuits.
- Business Owners Policy: This policy extends coverage for damages to the company’s commercial real property as well as any machinery and equipment.
- Business Auto: Damages and liability claims for any vehicle used during business, including trucks and cargo vans, are covered by this policy.
The cost of various policies available through electrical contractors’ insurance services will vary depending on several factors. The scope of a business, number of employees and the value of real and personal commercial property are a few of the issues that help determine insurance premiums.